All Forum Posts by: Amber Gonion

@Jake Williams

Drake bank was doing them a couple years ago, I know they tightened up, but it might be worth a phone call.

@Stephanie Smith

Here are the current exceptions as of today.

Repeated noise violations;

Disturbing the peace and quiet enjoyment of others;

Violating no smoking policies;

Unauthorized animals;

Unauthorized occupants;

Failing to pay or maintain utilities (in certain situations); OR

Any other material lease violations

@Trent Torzewski the best realtor is very subjective. There are many different specialties even within the multifamily market. One realtor may be more experienced in student housing around the U, another may be a better fit for buy and rehab, etc. I would contact a few and quiz them on their experience and expertise and see if they are a match for your needs.

@Darion Fletcher welcome, lots of experienced individuals with a wealth of knowledge here. There is a lot of knowledge to be gained from reading posts.

@Mason Hjelmeland. There are plenty of opportunities especially in the suburbs. It’s really a matter of assessment of proper rents and knowing your rehab costs.

@Arjun P. You are not currently able to give notice for non-renewal.

Non-Payment of Rent Evictions

June 30, 2021 - October 12, 2021

Evictions for non-payment of rent may be filed after 15 or 30 days notice if the tenant(s) are eligible for COVID rental assistance and the tenant(s):

Refuse to apply for assistance through the program

Refuse to provide information needed by the landlord to apply for assistance on the tenant's behalf, OR

Refuse to provide the landlord with proof that the tenant applied for assistance through the program.

However, we will have to pause the case if, after we file, the tenant(s) provide a CDC Declaration (through July 31, 2021) or apply for rental assistance.

September 12, 2021 - October 12, 2021

Authorized evictions are expanded to include tenant(s) who are ineligible for rental assistance. Minimum of 15 days notice will still apply depending on the type of property and future changes to federal law.

October 13, 2021 - May 31, 2022

State-required notice period removed, but notice may still be required under federal law or municipal ordinance. However, no eviction for non-payment of rent may be filed against any tenant with a pending application for assistance.

Starting June 1, 2022

No state restrictions, but federal and/or municipal notice periods may still apply.

Evictions for Material Lease Violations

Starting July 14, 2021

Evictions for material violations of the lease agreement (except non-payment of rent) may be filed without notice (unless notice is required by your lease or subsidy program). These will include cases such as smoking, pets, unauthorized occupants, interference with management rights, etc.

Evictions for Serious/Statutory Violations

Evictions may be immediately filed for cases where the tenant seriously endangers the safety of others, significantly damages property, or violates Minnesota Statute section 504B.171 (drugs, firearms, prostitution, stolen property, harassment). The 7-day notice that was required during the moratorium is no longer necessary.

Lease Terminations/Non-Renewals

June 30, 2021 - October 12, 2021

Lease terminations and non-renewals may only be issued:

At the request of the tenant(s);

Where the termination is due to the tenant seriously endangering the safety of others or significantly damaging property;

If the tenant(s) violate Minnesota Statute section 504B.171 (drugs, firearms, prostitution, stolen property, harassment); OR

For material violations of the lease other than nonpayment of rent

Starting August 13, 2021

Eligibility is expanded to include lease terminations and non-renewals for tenant(s) who are behind in rent and ineligible for rental assistance.

Starting October 13, 2021

Non-renewals and lease terminations may be issued without restrictions.

@Joe Kristoff it seems no matter how much you prepare they find more. We have had luck with having a couple of our maintenance men on site repairing items as they point them out as much as possible. They seem to go lighter on us then.

@Rich Conley we normally charge between 1-2%. We feel we offer a service for that beyond providing a template for a purchase agreement.

Here are a list of things we do and why we think it is of value.

Provide agreement and advice on details of your offer. Providing comps for similar properties and rental comps for potential rents.

Checking on things on the sale like zoning, and permits that are obvious. Including tish assessment.

Reviewing inspection and providing estimates of costs of corrections. Negotiations after inspection and amendments.

Communication before and after with appraiser, supplying comps as needed. Coordinating repairs required by fha or sometimes conventional appraisal.

Taking care of lender requiem tsa as far as additional paperwork.

Finally closing coordination final walkthrough and closing.

Many transactions go off without a hitch, sometimes because of the realtor, sometimes the realtor can correct them quickly.

From my experience and most realtors the worst transactions are unrepresented sellers/buyers. They just seem to have more issues on average.

@Anthony Buccanero welcome, my husband and I work together also. Having both involved gives you the strengths from each and makes up for the weaknesses of each. It is a great way to keep each other involved and not feel left out. We help a lot of investors and especially with house hacking and general investing it is really important for both of you to understand what’s going on, when the properties will cash flow and when they will need rehab, etc.

@Phil McAlister depends on the real estate agent you are using. I agree your typical agent that opens the door and says wow look at the space may not give you much value.

We take the approach to look at the structure, electrical, plumbing, roof and such to determine if the house is worth pursuing, this applies to both personal and investment properties.

But the job doesn’t stop there, because the markets constantly change the way the offer is structured can make all the difference in being accepted (ie inspection contingency, appraisal guarantees, etc). What worked 6 months ago may not work now and a busy realtor will realize things are changing and stay ahead of the competition. Then the comes appraisal we have seen conventional loan appraisers require repairs we provide a maintenance crew to get them completed and keep things on track. Others have touched on the paperwork compliance and the difficulties that fsbo encounter trying to do it themselves. I don’t have a single client that we haven’t told to walk away from a house because of what we found on a walkthrough (my husband is a former contractor) those home defects could have cost the clients much more than our commission. Some people with experience in contracting, real estate transactions, and purchase often absolutely can do it without a realtor, but most would be much better off with a knowledgeable professional.